Home Buying in East Harlem>Question Details

emoore, Home Buyer in New York, NY

Are maintenance fees included in the mortgage or are they a monthly/ quarterly/ yearly fee?

Asked by emoore, New York, NY Wed May 1, 2013

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This question was asked from this property: http://www.trulia.com/property/3032352343-2088-Madison-Ave-1…

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7
Maintenance fees are paid separate of the mortgage. They are usually paid monthly to the management company of the building. Your mortgage payment includes principal/interest/taxes and insurance..
1 vote Thank Flag Link Wed May 1, 2013
Maintenance fee is part of coop apartment dues which is a separate fee, not included in mortgage. It is a monthly fee. The maintenance fee covers the employees salary, underlying building mortgage which is separate from personal mortgage and other building operating expenses.
0 votes Thank Flag Link Mon Jul 8, 2013
Enmoore,
A mortgage payment is a payment to the bank for the loan to buy your property. Maintenance in a co-op is a separate payment unrelated to your debt service to the bank. Maintenance includes your share of the underlying mortgage on the building from when the developer bought it, your share of the real estate taxes, and your share of the upkeep of the building.
0 votes Thank Flag Link Mon Jul 8, 2013
Hi, The maintenance fees are paid monthly and not included in your mortgage.

Chris
0 votes Thank Flag Link Thu May 2, 2013
The maintenance fee's are separate and you pay them every month. Be advised that this is a cash purchase, the building doesn't qualify for mortgage.
0 votes Thank Flag Link Wed May 1, 2013
If looking to purchase in the near future be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer beforehand, also ask all your questions. Maintenance fees are not included in the mortgage, generally they are paid monthly to the building's management company..
0 votes Thank Flag Link Wed May 1, 2013
I am not sure what you are trying to find out. You need to check the terms and conditions of the mortgage. If you can elaborate and tell exactly what you are referring to in terms of maintenance fee then perhaps we can review it further.

Regards,
0 votes Thank Flag Link Wed May 1, 2013
Hi Vandana. It was a general question. I'm interested in purchasing property. I would love to purchase an investment property so I wanted to know the details of what’s included in the mortgage payment.
Flag Wed May 1, 2013
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